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Rental prices in UK up by 2.6% in year to February 2016

Image Private rental prices paid by tenants in Great Britain rose by 2.6% in the 12 months to February 2016, unchanged when compared with the year to January 2016.

A breakdown of the figures from the Office of National Statistics shows that rents grew by 2.8% in England, 0.2% in Wales and 0.7% in Scotland.

The data also shows that rental prices increased in all the English regions with London seeing the biggest rise at 3.8% but down slightly from 3.9% in January. If London is excluded from the calculation the growth was 1.9%.

The annual rate of change for Wales continues to be below that of England and the Great Britain average while rental growth in Scotland has gradually slowed to 0.7% in the year to February 2016, from a high of 2.1% in the year to June 2015.

The ONS index report said that annual price increases have been stronger in London than the rest of England since November 2010.

Since the beginning of 2012, English rental prices have shown annual increases ranging between 1.4% and 3% year on year, with February 2016 rental prices being 2.8% higher than February 2015 rental prices. Excluding London, England showed an increase of 2.1% for the same period.

The next biggest regional rise after London was the East of England at 3%, up from 2.9% in January 2016, and the South East at 2.9% which was unchanged over the same period.

The lowest annual rental price increases were in the North East at 0.9%, unchanged from January 2016, followed by the North West at 1%, also unchanged for this period and Yorkshire and the Humber at 1.3%, up from 1.2%.

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BDC 315 : Apr 2024